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Vedanta Promoters Siphoning Profits via HZL Deal: Viceroy
Mint Mumbai
|July 24, 2025
HZL's deal with MRPL was backed by its board approvals and benchmarking, and supported by Crisil Ratings
American short-seller Viceroy Research on Wednesday said that the promoters of the Vedanta Group were "siphoning margins" from listed group company Hindustan Zinc Ltd (HZL) by supplying commodity goods to it at inflated prices on an exclusive basis.
It alleged that Minova Runaya (MRPL), a 49% promoter-owned entity, has an exclusive contract with HZL for the supply of products including resin capsules, rock bolting systems and wire mesh. Used in mining, the products are typically commoditized and low-margin, but it was selling them at a 30% mark-up to HZL, Viceroy alleged, adding the firm does little manufacturing. HZL was MRPL's only customer, Viceroy added.
"This company (MRPL) has only one purpose, to buy commoditized products, slap a 30% markup on them, and then sell them to a captured HZL," Viceroy said, adding that there was "more to come."
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